Booker Suggests Bringing Back the Estate Tax

Sen. Cory Booker said if America returned the estate tax it had a decade ago, it would pay for his costly policy proposal during an interview on Monday.

By NTK Staff | 12.03.2018 @10:27am

Sen. Cory Booker (D-NJ) suggested reinstating the estate tax to fund a proposed program of his which would give 18-year-olds $50,000 during an interview on Monday.

The host of New York’s WPIX asked Booker about his proposal that Booker says would address the wealth gap in America.

“We used to not have that much difference between the wealthiest amongst us and middle-class folks,” Booker said. But, he said, the wealth gap between those groups has “more than doubled.”

Booker then explained how his plan would give everyone born in this country anywhere from $1,000 to $2,000 per year for 18 years, depending on family income. The funds could only be used for home ownership or education.

“So somebody at the lowest income [level] in our country could have, by the time they’re 18, about $50,000 to invest in things that create wealth and expand opportunity,” Booker said.

The host of WPIX followed up by asking Booker where the money to pay for this would be coming from.

“Well, it’s actually not that expensive,” Booker said.

Booker then said if America returned the estate tax it had in place a decade ago, “we could actually fund something like this.”